Election 2016: Clive Palmer announces he will not recontest his seat in Parliament

Embattled businessman Clive Palmer says he will ask his wife before deciding on a possible Senate tilt at the upcoming election, after deciding he would not recontest his Sunshine Coast seat of Fairfax.

But Mr Palmer is seeking to maintain an influence in Parliament regardless, announcing Palmer United Party candidates for the Tasmanian and Western Australian Senate races on Wednesday.

During a rare appearance in Canberra, the self-proclaimed billionaire delivered his valedictory speech in which he flagged his intention to "contribute further to our great country". But he told reporters he would speak to his family first.

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"When you leave your job ... you've got to say you'll consult with your wife," Mr Palmer said. "We'll just have to wait and see what happens."

Clive Palmer's press conference at Parliament House after his valedictory speech.Credit:Alex Ellinghausen

The announcement brings to an end a brief stint in the lower house. The Palmer United founder won the seat of Fairfax in 2013 by a handful of votes on preferences.

His support has since collapsed, with a Galaxy poll in January finding just 2 per cent of voters intended to give him their first preference, and only 7 per cent were satisfied with his performance. The seat of Fairfax is likely to return to the Coalition - it was previously held by the Liberal Party's Alex Somlyay for 23 years.

Mr Palmer has recently faced a series of public setbacks spurred by the collapse of his Queensland Nickel company, which caused more than 550 workers to lose their jobs. Taxpayers will stump up $74 million in entitlement payouts owed to those employees, though the government will pursue Mr Palmer for the money.

A report from administrators found Mr Palmer may have acted recklessly as a director and shadow director of the company, and recommended an ASIC investigation. He could yet face criminal charges.

The businessman again denied those allegations on Wednesday, in a typically meandering press conference that was mysteriously delayed by four hours shortly after it was announced. He confirmed Senator Zhenya "Dio" Wang as the Palmer United Party's lead Senate candidate in WA, and introduced state convenor Kevin Morgan as its candidate in Tasmania.

Taking swipes at former Palmer United senators elected on his party's tickets in 2013, Mr Palmer said he wanted to apologise for Jacqui Lambie's "behaviour", and said Glenn Lazarus had "crumbled" under the pressure of his job.

In a valedictory delivered to a largely empty chamber, Mr Palmer complained of being "continually personally attacked over the last three years". He also emphasised his party's efforts to block controversial measures in the 2014 budget, including deregulation of university fees and changes to the dole for the young unemployed.

"It would have been a different Australia if we hadn't stopped the 2014 budget and the Newman government in Queensland," he said. Through deals with the government, Palmer United had also "freed 150 people in total from Christmas Island" and "kept hope alive for the introduction of an emissions trading scheme", he said.

Mr Palmer on Wednesday announced his party's first election policy would be the removal of entitlements for retired politicians. Declaring he would not use his five annual taxpayer-funded trips to the nation's capital, he asked: "Why would you want to come back to Canberra?"

Ewen Jones, Liberal MP in the Townsville seat of Herbert, where Queensland Nickel's closure has hit hard, is a long-standing critic of Mr Palmer. Asked about the businessman's decision not to recontest the seat, he replied with one word: "Good."